Skytower starts to rise in Brisbane

It seems that many residents in capital cities will boast spectacular views in coming years. Construction has now begun on Brisbane's tallest residential building, the $1 billion, 274-metre high Skytower.

The joint venture of Sydney-based property developer Billbergia and investment company AMP Capital is set to be the third-tallest apartment building in Australia, after Gold Coast's Q1 and Melbourne's Eureka Tower.

The tower will house 1119 mostly two-bedroom apartments, and will include a sky recreation deck on the 89th floor featuring Australia's highest infinity-edge pool.

The eight-level underground carpark has already been completed, and will be open to public parking next month.

The tower, which also includes an adjoining five-star hotel, is expected to have its first residents move in by 2017.

Since its first release six months ago, Skytower has reportedly generated more than $350 million with the sale of 550 apartments.

AMP fund manager Warwick Petschack has said that roughly a third of investors were from Brisbane, 20% from overseas and the rest from interstate.

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